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Jay Z subpoenaed by SEC
The rap artist, whose real name is Shawn Carter, was subpoenaed by the Securities and Exchange Commission (SEC) on Thursday as part of its investigation of Iconix Brand Group. The firm, which manages a number of major apparel lines, paid Jay Z $200 million for his Rocawear clothing brand over a decade ago. The SEC said that it was looking into whether the relationship between the artist and the company broke federal securities laws relating to Iconix's financial reporting, reports CNBC. In an email to CNBC, a representative for Shawn Carter said, "We are aware that the SEC is seeking information on Iconix's financial reporting. Mr. Carter had no role in that reporting or Iconix's other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter." He's been ordered to appear in federal court on May 8 in New York.